# Marusan Securities Co.,Ltd.: business model and financials

> Latest period: FY ending Mar 2026, non-consolidated, J-GAAP
> Unit: JPY millions
> Sources: 有価証券報告書－第106期(2025/04/01－2026/03/31) (S100YC95)
> Page: https://vizora.meequs.com/en/company/marusan-securities
> Retrieved: 2026-09-30T19:51:03.093Z

## Company

Marusan Securities, founded in 1909, is a company in Securities & Asset Management listed on TSE Prime. It has 1,130 employees (consolidated).

| Field | Value |
| --- | ---: |
| Legal name | Marusan Securities Co., Ltd. |
| Ticker | 8613 |
| Stock price | View on Yahoo Finance (https://finance.yahoo.co.jp/quote/8613.T) |
| Listing | TSE Prime |
| Head office | 東京都千代田区麹町三丁目3番6 |
| Representative (per filing) | 代表取締役社長 菊地稔 |
| Founded | Dec 1909 |
| Share capital | ¥10B |
| Employees (consolidated) | 1,130 |
| Average salary (parent only) | ¥7.7M |
| Fiscal year end | March |
| Website | www.marusan-sec.co.jp (https://www.marusan-sec.co.jp/) |
| Corporate number | 1010001057236 |
| EDINET | E03760 |
| Industries (Vizora) | Securities & Asset Management |

> Profile source: annual securities report (S100YC95, filed 2026-06-16). As of filing

## Key points (generated from figures)

- Marusan Securities brought in ¥21.7B in revenue.
- Out of every ¥100 of sales, about ¥25 is left as operating profit.
- Revenue changed +15.3% from the prior year, operating profit +51.0%.

## Company structure

- Segment revenue mix: Segment revenue breakdown is not disclosed
- Revenue → net income: ¥21725000000 → ¥5010000000
- Net income → operating cash flow: ¥5010000000 → ¥9293000000（difference ¥4283000000）
- Main uses of operating cash flow: CapEx ¥1237000000 / dividends ¥4092000000 / buybacks ¥0
- Change in cash: ¥4140000000
Segment shares use total reported segment revenue, which may include inter-segment sales. The cash bridge is operating cash flow minus net income and combines non-cash items and working-capital effects.

## Key figures at a glance

| Metric | Value | Note |
| --- | ---: | ---: |
| Revenue | ¥21.7B |  |
| Operating income | ¥5.38B | Margin 24.7% |
| Net income | ¥5.01B | Margin 23.1% |
| Free cash flow | ¥8.06B |  |
| Employees (consolidated) | 1,130 |  |
| EPS | ¥75.66 |  |
| Diluted EPS | ¥75.52 |  |
| Book value per share | ¥773.66 |  |
| Equity ratio | 58.0% |  |
| Shares outstanding | 67,398,000 |  |
| Treasury shares | 1,087,700 |  |
| Shareholders | 88,910 |  |
| Average salary (parent only) | ¥7.7M | Filing company only |
| Cash ratio | 40.2% | Cash ÷ revenue 163.8% |
| Vs. industry median margin | +4 pp | Securities & Asset Management |
| ROE | 12.4% | Derived from disclosed figures |
| ROA | 6.3% | Derived from disclosed figures |

## Notable figures

- FY2026, cash is 40% of total assets
- FY2026, operating income keeps 25 per ¥100 of revenue

## What changed in 4 years

Currency or consolidation scope differs; percentage changes are omitted.

| Metric | FY ending Mar 2022 | FY ending Mar 2026 | Change |
| --- | ---: | ---: | ---: |
| Revenue | ¥18670000000 | ¥21725000000 | — |
| Operating income | ¥3219000000 | ¥5375000000 | — |
| Operating margin | 17.2% | 24.7% | +7.5 pp |
| Employees | 1,106 people | 1,130 people | — |
| Cash and equivalents | ¥25873000000 | ¥35588000000 | — |

### Change in segment revenue mix

Span: FY ending Mar 2022 → FY ending Mar 2026. Stable segment keys are connected; unmatched shares are marked as new or reorganized. Shares use total segment revenue.

## Income statement（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Revenue | 21,725 | 100.0% | S100YC95 |
| SG&A | 16,298 | 75.0% | S100YC95 |
| Operating income | 5,375 | 24.7% | S100YC95 |
| Ordinary income | 5,923 | 27.3% | S100YC95 |
| Pretax income | 6,994 | 32.2% | S100YC95 |
| Income tax | 1,984 | 9.1% | S100YC95 |
| Net income | 5,010 | 23.1% | S100YC95 |

## Per ¥100 of revenue（FY ending Mar 2026）

| Part | JPY |
| --- | ---: |
| Operating expenses | 75 |
| Operating income | 25 |
| (Ref.) Net income | 23 |

### Margin funnel

Operating margin 24.7% → Net margin 23.1%
Derived from reported figures (DERIVED).

## Revenue and profit pattern

Pattern: Revenue and profit up
Revenue growth: +15.3%; Core profit growth: +51.0%
Growth quality: margin-expansion
Operating leverage (core profit growth ÷ revenue growth): 3.35×
Calculated from comparable annual consolidated filings.

## Year over year（FY ending Mar 2025 → FY ending Mar 2026、JPY mn）

| Metric | Prior | Current | Change | % change |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 18,850 | 21,725 | 2,875 | +15.3% |
| Operating income | 3,559 | 5,375 | 1,816 | +51.0% |
| Operating cash flow | -160 | 9,293 | 9,453 | — |

## History（JPY mn）

| Period | Revenue | Op. income | Op. margin | Net income | Op. CF | FCF | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| FY ending Mar 2020 | 16,493 | 1,015 | 6.2% | 792 | 11,801 | 11,495 | S100TPBA |
| FY ending Mar 2021 | 19,188 | 3,661 | 19.1% | 4,156 | -2,738 | -3,232 | S100VYTT |
| FY ending Mar 2022 | 18,670 | 3,219 | 17.2% | 2,827 | -371 | -1,138 | S100VYTT |
| FY ending Mar 2023 | 14,931 | 379 | 2.5% | 778 | 10,994 | 10,640 | S100VYTT |
| FY ending Mar 2024 | 18,608 | 3,694 | 19.9% | 2,925 | 7,557 | 6,986 | S100VYTT |
| FY ending Mar 2025 | 18,849 | 3,545 | 18.8% | 3,792 | -160 | -1,104 | S100VYTT |
| FY ending Mar 2025 | 18,850 | 3,559 | 18.9% | 3,792 | -160 | — | S100YC95 |
| FY ending Mar 2026 | 21,725 | 5,375 | 24.7% | 5,010 | 9,293 | 8,056 | S100YC95 |

## People and productivity（FY ending Mar 2026, non-consolidated, J-GAAP）

| Metric | Value |
| --- | ---: |
| Revenue per employee (consolidated) | ¥19.2M |
| Operating income per employee (consolidated) | ¥4.8M |
| Net income per employee (consolidated) | ¥4.4M |

Employees, revenue and profit are consolidated. Average annual salary is a separate parent-company figure. Calculated from disclosed figures (DERIVED).

| History | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Employees (consolidated) | 1,098 | 1,112 | 1,098 | 1,098 | 1,130 |
| Average salary (parent company) | ¥6.9M | ¥7.1M | ¥7.8M | — | ¥7.7M |
| Average age (parent company) | 36.0 years | 35.0 years | 36.0 years | — | 35.0 years |
| Average tenure (parent company) | 12.0 years | 12.0 years | 12.0 years | — | 12.0 years |

Year over year: Employees (consolidated) +2.9% · Revenue (consolidated) +15.3%

## Revenue by geography

No geographic revenue breakdown was disclosed.

## Cash flow（FY ending Mar 2026, non-consolidated, J-GAAP）

| Item | Amount (JPY mn) | % of revenue | Source |
| --- | ---: | ---: | ---: |
| Operating cash flow | 9,293 | 42.8% | S100YC95 |
| Capital expenditure | 1,237 | 5.7% | S100YC95 |
| Free cash flow | 8,056 | 37.1% | 算出 |
| Investing cash flow | -549 | -2.5% | S100YC95 |
| Financing cash flow | -4,891 | -22.5% | S100YC95 |
| Dividends paid | 4,092 | 18.8% | S100YC95 |
| Share buyback | 0 | 0.0% | S100YC95 |
| Change in cash | 4,140 | 19.1% | S100YC95 |
| Cash and equivalents | 35,588 | 163.8% | S100YC95 |

## Balance sheet

Figures are as of each fiscal year end. Derived values are marked as such in the source column. Lease liabilities are excluded from interest-bearing debt.

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 | Source |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Cash and equivalents | 30,978 | 36,368 | 31,448 | 31,446 | 35,588 | S100VYTT, S100YC95 |
| Total assets | 67,601 | 84,075 | 73,363 | 71,596 | 88,476 | S100TPBA, S100VYTT, S100YC95 |
| Net assets | 46,086 | 52,524 | 49,008 | 47,723 | 51,444 | S100VYTT, S100YC95 |
| Share capital | 10,000 | 10,000 | 10,000 | 10,000 | 10,000 | S100TPBA, S100VYTT, S100YC95 |
| Property, plant and equipment | 2,660 | 2,666 | 2,860 | 1,287 | 3,238 | S100TPBA, S100VYTT, S100YC95 |
| Intangible assets excluding goodwill | 304 | 279 | 527 | 527 | 778 | S100TPBA, S100VYTT, S100YC95 |
| Investment securities | 10,935 | 18,323 | 13,574 | 13,475 | 17,365 | S100TPBA, S100VYTT, S100YC95 |
| Current assets | 51,880 | 60,489 | 53,667 | 53,737 | 64,889 | S100TPBA, S100VYTT, S100YC95 |
| Current liabilities | 17,591 | 25,455 | 19,500 | 19,494 | 31,241 | S100TPBA, S100VYTT, S100YC95 |
| Short-term borrowings | 2,750 | 2,700 | 1,780 | 1,780 | 900 | S100TPBA, S100VYTT, S100YC95 |
| Total liabilities | 21,515 | 31,550 | 24,355 | 23,873 | 37,032 | S100TPBA, S100VYTT, S100YC95 |
| Equity attributable to owners of parent | 39,605 | 40,737 | 40,404 | 39,871 | 40,878 | S100TPBA, S100VYTT, S100YC95 |
| Retained earnings | 30,245 | 31,069 | 30,569 | 30,035 | 30,941 | S100TPBA, S100VYTT, S100YC95 |
| Treasury stock | -970 | -747 | -635 | -635 | -563 | S100TPBA, S100VYTT, S100YC95 |

### Assets and funding mix

| Assets | Share | Source |
| --- | ---: | ---: |
| Cash | 40% | S100YC95 |
| Property, plant and equipment | 4% | S100YC95 |
| Intangibles and goodwill | 1% | S100YC95 |
| Investment securities | 20% | S100YC95 |
| Other assets | 35% | S100YC95 |

| Funding source | Share | Source |
| --- | ---: | ---: |
| Other liabilities | 42% | S100YC95 |
| Equity | 58% | S100YC95 |

### Balance sheet history

| Metric | FY ending Mar 2023 | FY ending Mar 2024 | FY ending Mar 2025 | FY ending Mar 2025 | FY ending Mar 2026 |
| --- | ---: | ---: | ---: | ---: | ---: |
| Total assets | 67,601 | 84,075 | 73,363 | 71,596 | 88,476 |
| Equity | 46,086 | 52,524 | 49,008 | 47,723 | 51,444 |
| Interest-bearing debt | — | — | — | — | — |
| Cash | 30,978 | 36,368 | 31,448 | 31,446 | 35,588 |

## Asset intensity and goodwill

Ratios are derived from reported values. Goodwill is used only when separately reported, never inferred from combined intangible assets.

| Metric | Value | Sources |
| --- | ---: | ---: |
| Asset intensity (fixed assets ÷ revenue) | 14.9% | S100YC95 |
| Fixed assets ÷ total assets | 3.7% | S100YC95 |
| Goodwill ÷ parent equity | — | —, S100YC95 |

### Cash quality

Net cash = cash − interest-bearing debt. Net debt ratio = (interest-bearing debt − cash) ÷ positive operating cash flow. Omit when debt components are incomplete; other ratios are derived from reported figures.

| Metric | Value |
| --- | ---: |
| Cash ratio (cash ÷ total assets) | 40.2% |
| Cash ÷ revenue | 163.8% |
| Net cash (cash − interest-bearing debt) | — |
| Net debt ÷ operating cash flow | — |
| Cash conversion (operating CF ÷ operating income) | 172.9% |
| Cash vs. profit gap | 4,283 JPY mn (of net income 85.5%) |
| Shareholder returns / net income | 81.7% |
| Shareholder returns / FCF | 50.8% |
| Shareholder payments — dividends / net income | 81.7% |
| Shareholder payments — dividends / FCF | 50.8% |
| CapEx intensity (capex ÷ revenue) | 5.7% |
| Investing CF relative to operating CF | 5.9% |

## ROA and ROE

ROE is decomposed into net margin × asset turnover × financial leverage. Leverage can raise ROE, so the ratio alone does not assess a company's condition. Ending balances are used without a prior year; total equity approximates parent equity when unavailable.

| Period | Net margin | Asset turnover | ROA | Financial leverage | ROE | Sources |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| 2023 | 5.2% | 0.22× | 1.2% | 1.71× | 2.0% | S100TPBA, S100VYTT |
| 2024 | 15.7% | 0.25× | 3.9% | 1.89× | 7.3% | S100VYTT |
| 2025 | 20.1% | 0.24× | 4.8% | 1.94× | 9.3% | S100VYTT |
| 2025 | 20.1% | 0.26× | 5.3% | 1.80× | 9.5% | S100YC95 |
| 2026 | 23.1% | 0.27× | 6.3% | 1.98× | 12.4% | S100YC95 |

## Ownership

| Counterparty | Relation | Ratio | As of |
| --- | ---: | ---: | ---: |
| 日本生命保険相互会社(常任代理人 日本マスタートラスト 信託銀行株式会社) | Major shareholder | 7.9% | 2026-03-31 |
| 日本マスタートラスト信託銀行株式会社（信託口） | Major shareholder | 7.8% | 2026-03-31 |
| 公益財団法人長尾自然環境財団 | Major shareholder | 7.2% | 2026-03-31 |
| 三菱ＵＦＪ信託銀行株式会社(常任代理人 日本マスタートラスト 信託銀行株式会社) | Major shareholder | 2.5% | 2026-03-31 |
| 株式会社みずほ銀行(常任代理人 株式会社日本カストディ 銀行) | Major shareholder | 1.4% | 2026-03-31 |
| 長尾 愛一郎 | Major shareholder | 1.4% | 2026-03-31 |
| 株式会社日本カストディ銀行（信託口） | Major shareholder | 0.9% | 2026-03-31 |
| STATE STREET BANK AND TRUST COMPANY 505025 (常任代理人 株式会社みずほ銀行 決済営業部) | Major shareholder | 0.8% | 2026-03-31 |
| JP MORGAN CHASE BANK 385781(常任代理人 株式会社みずほ銀行 決済営業部) | Major shareholder | 0.7% | 2026-03-31 |
| 丸三証券従業員持株会 | Major shareholder | 0.6% | 2026-03-31 |

## Sources

| Document | ID | Published | URL |
| --- | ---: | ---: | ---: |
| 有価証券報告書－第106期(2025/04/01－2026/03/31) | S100YC95 | 2026-06-16 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100YC95,, |
| 有価証券報告書－第105期(2024/04/01－2025/03/31) | S100VYTT | 2025-06-18 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100VYTT,, |
| 有価証券報告書－第104期(2023/04/01－2024/03/31) | S100TPBA | 2024-06-24 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100TPBA,, |
| 有価証券報告書－第103期(2022/04/01－2023/03/31) | S100R0Q7 | 2023-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100R0Q7,, |
| 有価証券報告書－第102期(令和3年4月1日－令和4年3月31日) | S100OAC7 | 2022-06-23 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100OAC7,, |
| 訂正有価証券報告書－第101期(令和2年4月1日－令和3年3月31日) | S100MZRR | 2021-12-03 | https://disclosure2.edinet-fsa.go.jp/WZEK0040.aspx?S100MZRR,, |

## Definitions

- Amounts are in millions of JPY (rounded). The period is stated in each table heading
- Operating margin = operating income ÷ revenue. Net income is attributable to owners of the parent when disclosed
- Free cash flow (FCF) = operating cash flow − capital expenditure
- ¥100 model = breakdown per ¥100 of revenue (rounded so parts sum to 100)
- Segment revenues include inter-segment sales and may not sum to consolidated revenue
- Source IDs are EDINET document IDs (docID). "算出" (derived) means computed from other disclosed values
- All figures are extracted mechanically from filings. AI-written text never generates figures
- Source: company filings submitted to EDINET (Financial Services Agency of Japan). Figures were extracted, edited and processed, and charts and text were created, by Vizora — not by the FSA (used under the Public Data License v1.0).